The procurement function has undergone a dramatic transformation due to technological advancements such as cloud-native platforms, AI-driven solutions, and robotic process automation. As a result, the CPO's remit has shifted from being tactical to strategic, with a greater emphasis on collaboration with finance and accountability for direct bottom-line impact. However, some procurement organizations have struggled to keep up with the pace of change, with transformation and technology implementation often being slow and difficult. The CIO's organization can play a key role in enabling and catalyzing digital transformation by identifying and deploying new technologies, developing integration strategies, ensuring scalability and security, and maintaining flexibility to foster enterprise innovation. GEP experts suggest a four-step formula for IT and procurement collaboration to drive greater enterprise-wide value.
